----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      name:  <unnamed>
       log:  D:\Vicard\VV\re\inprogress\BRV\results\results_levels.log
  log type:  text
 opened on:  29 Sep 2017, 21:40:22

. 
. 
. foreach res in "res_fe" {
  2.         foreach age in "age_ele1" {
  3.         *
.         use $Output\dataset_brv_fe, clear
  4.         tab `age', gen(aged)
  5.         replace aged10 = 1 if `age'>=10
  6.         drop aged11
  7.         tab year, gen(yeard)
  8.         *
.         gen size_l1     = log(quantity_l1/quantity_tot_l1)
  9.         *
.         label var `res'      "Demand shock"
 10.         *
.         global condition     "entry_ele!=1994 & entry_ele!=1995 "
 11.         *
.         sort ijk year
 12.         *
.         label var `age'         "Age$ _{ijkt}$" 
 13.         label var aged1         "Age$ _{ijkt}=1$" 
 14.         label var aged2         "Age$ _{ijkt}=2$" 
 15.         label var aged3         "Age$ _{ijkt}=3$" 
 16.         label var aged4         "Age$ _{ijkt}=4$" 
 17.         label var aged5         "Age$ _{ijkt}=5$" 
 18.         label var aged6         "Age$ _{ijkt}=6$" 
 19.         label var aged7         "Age$ _{ijkt}=7$" 
 20.         label var aged8         "Age$ _{ijkt}=8$" 
 21.         label var aged9         "Age$ _{ijkt}=9$" 
 22.         label var aged10        "Age$ _{ijkt}=10$" 
 23.         *
.         eststo: reg `res'_qty                   `age'           if $condition, ro cluster(i) 
 24.         eststo: reg `res'_qty                   aged2-aged10     if $condition, ro cluster(i) 
 25.         test aged3 = aged4
 26.         test aged3 = aged5
 27.         test aged3 = aged6
 28.         test aged3 = aged7
 29.         test aged4 = aged5
 30.         test aged4 = aged6
 31.         test aged4 = aged7
 32.         test aged5 = aged6
 33.         test aged5 = aged7
 34.         test aged6 = aged7
 35.         eststo: reg `res'_qty                   aged2-aged10     if $condition & age_ele1_max==10, ro cluster(i) 
 36.         eststo: areg `res'_qty                  aged2-aged10     if $condition , a(ijk) cluster(i)
 37.         
.         eststo: reg `res'_uv_nojkt      `age'            if $condition  & e(sample), ro cluster(i)
 38.         eststo: reg `res'_uv_nojkt      aged2-aged10             if $condition  & e(sample), ro cluster(i)
 39.         eststo: reg `res'_uv_nojkt      aged2-aged10             if $condition  & e(sample) & age_ele1_max==10, ro cluster(i)
 40.         qui areg `res'_qty              aged2-aged10             if $condition , a(ijk) cluster(i)
 41.         eststo: areg `res'_uv_nojkt             aged2-aged10     if $condition  & e(sample), a(ijk) cluster(i)
 42.         /* including size (t-1) as control */
.         eststo: reg `res'_uv_nojkt aged3-aged10 size_l1     if $condition & e(sample), cluster(i)
 43.         eststo: areg `res'_uv_nojkt aged3-aged10 size_l1        if $condition & e(sample), a(ijk) cluster(i)
 44.         set linesize 250
 45.         esttab, mtitles drop(_cons) b(%5.3f) se(%5.3f) compress r2 starlevels(c 0.1 b 0.05 a 0.01)  se 
 46.         esttab, mtitles drop(_cons) b(%5.3f) se(%5.3f) r2  starlevels({$^c$} 0.1 {$^b$} 0.05 {$^a$} 0.01) se tex label  title() 
 47.         eststo clear
 48.         }
 49. }

       Age$ |
   _{ijkt}$ |      Freq.     Percent        Cum.
------------+-----------------------------------
          1 |  2,735,188       38.66       38.66
          2 |  1,128,474       15.95       54.61
          3 |    872,423       12.33       66.94
          4 |    613,930        8.68       75.61
          5 |    448,352        6.34       81.95
          6 |    340,770        4.82       86.77
          7 |    263,962        3.73       90.50
          8 |    204,436        2.89       93.39
          9 |    161,307        2.28       95.67
         10 |    127,147        1.80       97.46
         11 |    100,840        1.43       98.89
         12 |     78,548        1.11      100.00
------------+-----------------------------------
      Total |  7,075,377      100.00
(179,388 real changes made)

       Year |      Freq.     Percent        Cum.
------------+-----------------------------------
       1996 |    578,661        8.18        8.18
       1997 |    657,228        9.29       17.47
       1998 |    682,850        9.65       27.12
       1999 |    699,799        9.89       37.01
       2000 |    727,678       10.28       47.29
       2001 |    732,521       10.35       57.65
       2002 |    743,846       10.51       68.16
       2003 |    732,782       10.36       78.52
       2004 |    754,590       10.67       89.18
       2005 |    765,422       10.82      100.00
------------+-----------------------------------
      Total |  7,075,377      100.00
(3,328,694 missing values generated)

Linear regression                               Number of obs     =  4,382,989
                                                F(1, 77075)       =    7490.22
                                                Prob > F          =     0.0000
                                                R-squared         =     0.0170
                                                Root MSE          =     1.2505

                                 (Std. Err. adjusted for 77,076 clusters in i)
------------------------------------------------------------------------------
             |               Robust
  res_fe_qty |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
    age_ele1 |   .0953312   .0011015    86.55   0.000     .0931722    .0974901
       _cons |  -.2945973    .003293   -89.46   0.000    -.3010516    -.288143
------------------------------------------------------------------------------
(est1 stored)

Linear regression                               Number of obs     =  4,382,989
                                                F(9, 77075)       =    1225.20
                                                Prob > F          =     0.0000
                                                R-squared         =     0.0189
                                                Root MSE          =     1.2493

                                 (Std. Err. adjusted for 77,076 clusters in i)
------------------------------------------------------------------------------
             |               Robust
  res_fe_qty |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       aged2 |   .1918845   .0021771    88.14   0.000     .1876174    .1961517
       aged3 |   .2972234   .0033607    88.44   0.000     .2906364    .3038104
       aged4 |   .3782709   .0044231    85.52   0.000     .3696016    .3869401
       aged5 |   .4328243       .005    86.56   0.000     .4230244    .4426243
       aged6 |   .4768926   .0061122    78.02   0.000     .4649127    .4888726
       aged7 |   .5260731   .0077431    67.94   0.000     .5108966    .5412495
       aged8 |   .5559608   .0098915    56.21   0.000     .5365735    .5753482
       aged9 |   .5928039   .0135749    43.67   0.000     .5661971    .6194107
      aged10 |    .614269   .0164741    37.29   0.000     .5819798    .6465581
       _cons |  -.2331431   .0028736   -81.13   0.000    -.2387754   -.2275109
------------------------------------------------------------------------------
(est2 stored)

 ( 1)  aged3 - aged4 = 0

       F(  1, 77075) =  880.39
            Prob > F =    0.0000

 ( 1)  aged3 - aged5 = 0

       F(  1, 77075) = 1245.18
            Prob > F =    0.0000

 ( 1)  aged3 - aged6 = 0

       F(  1, 77075) = 1163.05
            Prob > F =    0.0000

 ( 1)  aged3 - aged7 = 0

       F(  1, 77075) =  968.93
            Prob > F =    0.0000

 ( 1)  aged4 - aged5 = 0

       F(  1, 77075) =  265.92
            Prob > F =    0.0000

 ( 1)  aged4 - aged6 = 0

       F(  1, 77075) =  401.45
            Prob > F =    0.0000

 ( 1)  aged4 - aged7 = 0

       F(  1, 77075) =  437.09
            Prob > F =    0.0000

 ( 1)  aged5 - aged6 = 0

       F(  1, 77075) =  107.64
            Prob > F =    0.0000

 ( 1)  aged5 - aged7 = 0

       F(  1, 77075) =  218.19
            Prob > F =    0.0000

 ( 1)  aged6 - aged7 = 0

       F(  1, 77075) =   88.20
            Prob > F =    0.0000

Linear regression                               Number of obs     =    121,775
                                                F(9, 4745)        =      97.79
                                                Prob > F          =     0.0000
                                                R-squared         =     0.0175
                                                Root MSE          =     1.2656

                                  (Std. Err. adjusted for 4,746 clusters in i)
------------------------------------------------------------------------------
             |               Robust
  res_fe_qty |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       aged2 |   .3167724   .0151888    20.86   0.000     .2869953    .3465495
       aged3 |   .4465724   .0178608    25.00   0.000     .4115569    .4815878
       aged4 |   .5107546   .0186335    27.41   0.000     .4742243    .5472848
       aged5 |   .5628556   .0213193    26.40   0.000     .5210598    .6046514
       aged6 |    .594189   .0232849    25.52   0.000     .5485397    .6398383
       aged7 |   .5949204   .0224326    26.52   0.000     .5509421    .6388986
       aged8 |   .5705131   .0216343    26.37   0.000     .5280998    .6129264
       aged9 |   .5633905   .0217626    25.89   0.000     .5207257    .6060553
      aged10 |   .4957708   .0212573    23.32   0.000     .4540966    .5374451
       _cons |   -.114645   .0189659    -6.04   0.000    -.1518269   -.0774631
------------------------------------------------------------------------------
(est3 stored)

Linear regression, absorbing indicators         Number of obs     =  4,382,989
                                                F(   9,  77075)   =     358.77
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6925
                                                Adj R-squared     =     0.4148
                                                Root MSE          =     0.9648

                                 (Std. Err. adjusted for 77,076 clusters in i)
------------------------------------------------------------------------------
             |               Robust
  res_fe_qty |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       aged2 |   .1498455    .002773    54.04   0.000     .1444105    .1552805
       aged3 |   .1925802    .004116    46.79   0.000     .1845129    .2006476
       aged4 |   .2124309   .0052124    40.75   0.000     .2022146    .2226472
       aged5 |    .218877   .0067281    32.53   0.000     .2056899    .2320642
       aged6 |   .2192787   .0085287    25.71   0.000     .2025626    .2359949
       aged7 |   .2213683   .0106211    20.84   0.000      .200551    .2421856
       aged8 |   .2188059   .0127837    17.12   0.000       .19375    .2438618
       aged9 |   .2213808   .0176843    12.52   0.000     .1867197    .2560419
      aged10 |   .2102892   .0186996    11.25   0.000     .1736381    .2469403
       _cons |  -.1755846   .0017894   -98.13   0.000    -.1790918   -.1720774
-------------+----------------------------------------------------------------
         ijk |   absorbed                                 (2080034 categories)
(est4 stored)

Linear regression                               Number of obs     =  4,382,989
                                                F(1, 77075)       =     314.33
                                                Prob > F          =     0.0000
                                                R-squared         =     0.0009
                                                Root MSE          =       .686

                                 (Std. Err. adjusted for 77,076 clusters in i)
------------------------------------------------------------------------------
             |               Robust
res_fe_uv_~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
    age_ele1 |  -.0118411   .0006679   -17.73   0.000    -.0131501    -.010532
       _cons |   .0322804   .0016564    19.49   0.000     .0290338     .035527
------------------------------------------------------------------------------
(est5 stored)

Linear regression                               Number of obs     =  4,382,989
                                                F(9, 77075)       =      88.10
                                                Prob > F          =     0.0000
                                                R-squared         =     0.0010
                                                Root MSE          =     .68595

                                 (Std. Err. adjusted for 77,076 clusters in i)
------------------------------------------------------------------------------
             |               Robust
res_fe_uv_~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       aged2 |  -.0271967    .001066   -25.51   0.000     -.029286   -.0251073
       aged3 |  -.0394545   .0018215   -21.66   0.000    -.0430246   -.0358844
       aged4 |  -.0502507   .0022106   -22.73   0.000    -.0545834   -.0459179
       aged5 |  -.0534576   .0025898   -20.64   0.000    -.0585335   -.0483817
       aged6 |  -.0575026   .0033849   -16.99   0.000     -.064137   -.0508682
       aged7 |  -.0652372   .0042317   -15.42   0.000    -.0735314    -.056943
       aged8 |  -.0641019   .0059638   -10.75   0.000    -.0757909   -.0524128
       aged9 |  -.0773915   .0125274    -6.18   0.000    -.1019451   -.0528379
      aged10 |  -.0698879   .0063614   -10.99   0.000    -.0823562   -.0574197
       _cons |   .0256582   .0010761    23.84   0.000      .023549    .0277673
------------------------------------------------------------------------------
(est6 stored)

Linear regression                               Number of obs     =    121,775
                                                F(9, 4745)        =       1.90
                                                Prob > F          =     0.0475
                                                R-squared         =     0.0007
                                                Root MSE          =     .52825

                                  (Std. Err. adjusted for 4,746 clusters in i)
------------------------------------------------------------------------------
             |               Robust
res_fe_uv_~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       aged2 |   -.038194   .0140731    -2.71   0.007    -.0657838   -.0106043
       aged3 |   -.046674   .0140526    -3.32   0.001    -.0742236   -.0191245
       aged4 |  -.0416305   .0144851    -2.87   0.004    -.0700279    -.013233
       aged5 |   -.046571   .0152291    -3.06   0.002    -.0764272   -.0167149
       aged6 |    -.05387   .0153159    -3.52   0.000    -.0838963   -.0238437
       aged7 |  -.0496079   .0151798    -3.27   0.001    -.0793673   -.0198485
       aged8 |  -.0485493   .0150817    -3.22   0.001    -.0781164   -.0189821
       aged9 |  -.0434527   .0149579    -2.91   0.004    -.0727771   -.0141283
      aged10 |  -.0469877   .0152837    -3.07   0.002    -.0769508   -.0170246
       _cons |   .0027579   .0147359     0.19   0.852    -.0261312    .0316471
------------------------------------------------------------------------------
(est7 stored)

Linear regression, absorbing indicators         Number of obs     =  4,382,989
                                                F(   9,  77075)   =       5.47
                                                Prob > F          =     0.0000
                                                R-squared         =     0.6732
                                                Adj R-squared     =     0.3780
                                                Root MSE          =     0.5413

                                 (Std. Err. adjusted for 77,076 clusters in i)
------------------------------------------------------------------------------
             |               Robust
res_fe_uv_~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       aged2 |  -.0082172   .0013312    -6.17   0.000    -.0108263   -.0056081
       aged3 |  -.0113505   .0020913    -5.43   0.000    -.0154494   -.0072517
       aged4 |  -.0142459   .0024273    -5.87   0.000    -.0190034   -.0094884
       aged5 |  -.0135284   .0028723    -4.71   0.000    -.0191582   -.0078986
       aged6 |  -.0139582   .0038722    -3.60   0.000    -.0215477   -.0063687
       aged7 |  -.0178779   .0047627    -3.75   0.000    -.0272129    -.008543
       aged8 |   -.016735   .0071276    -2.35   0.019     -.030705    -.002765
       aged9 |  -.0243852   .0155726    -1.57   0.117    -.0549075    .0061371
      aged10 |  -.0161976   .0087502    -1.85   0.064     -.033348    .0009528
       _cons |    .012177   .0008617    14.13   0.000     .0104881    .0138659
-------------+----------------------------------------------------------------
         ijk |   absorbed                                 (2080034 categories)
(est8 stored)

Linear regression                               Number of obs     =  1,883,888
                                                F(9, 46007)       =      95.88
                                                Prob > F          =     0.0000
                                                R-squared         =     0.0055
                                                Root MSE          =      .6188

                                 (Std. Err. adjusted for 46,008 clusters in i)
------------------------------------------------------------------------------
             |               Robust
res_fe_uv_~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       aged3 |  -.0074606   .0013945    -5.35   0.000    -.0101938   -.0047274
       aged4 |  -.0154258   .0018215    -8.47   0.000     -.018996   -.0118556
       aged5 |  -.0178236   .0022552    -7.90   0.000    -.0222438   -.0134035
       aged6 |  -.0213442   .0030661    -6.96   0.000    -.0273539   -.0153346
       aged7 |  -.0284674   .0039991    -7.12   0.000    -.0363058    -.020629
       aged8 |  -.0272819   .0059026    -4.62   0.000    -.0388512   -.0157127
       aged9 |  -.0401429   .0130236    -3.08   0.002    -.0656694   -.0146163
      aged10 |  -.0314084   .0066047    -4.76   0.000    -.0443539    -.018463
     size_l1 |  -.0155025   .0005952   -26.05   0.000    -.0166691   -.0143359
       _cons |  -.0813727   .0029461   -27.62   0.000    -.0871471   -.0755983
------------------------------------------------------------------------------
(est9 stored)

Linear regression, absorbing indicators         Number of obs     =  1,883,888
                                                F(   9,  46007)   =       2.84
                                                Prob > F          =     0.0024
                                                R-squared         =     0.6547
                                                Adj R-squared     =     0.4228
                                                Root MSE          =     0.4714

                                 (Std. Err. adjusted for 46,008 clusters in i)
------------------------------------------------------------------------------
             |               Robust
res_fe_uv_~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       aged3 |  -.0020358   .0017121    -1.19   0.234    -.0053915    .0013199
       aged4 |  -.0031729   .0020748    -1.53   0.126    -.0072396    .0008938
       aged5 |  -.0022627   .0026044    -0.87   0.385    -.0073673    .0028419
       aged6 |  -.0026497   .0034029    -0.78   0.436    -.0093195    .0040201
       aged7 |  -.0063878   .0043188    -1.48   0.139    -.0148526    .0020771
       aged8 |  -.0057892   .0065672    -0.88   0.378    -.0186611    .0070827
       aged9 |  -.0119984   .0145965    -0.82   0.411    -.0406078     .016611
      aged10 |  -.0036024   .0080495    -0.45   0.654    -.0193796    .0121748
     size_l1 |    .005761   .0012274     4.69   0.000     .0033553    .0081667
       _cons |   .0149535   .0066643     2.24   0.025     .0018913    .0280156
-------------+----------------------------------------------------------------
         ijk |   absorbed                                  (756737 categories)
(est10 stored)

------------------------------------------------------------------------------------------------------------------------
                 (1)        (2)        (3)        (4)        (5)        (6)        (7)        (8)        (9)       (10) 
                est1       est2       est3       est4       est5       est6       est7       est8       est9      est10 
------------------------------------------------------------------------------------------------------------------------
age_ele1       0.095a                                     -0.012a                                                       
             (0.001)                                     (0.001)                                                        

aged2                     0.192a     0.317a     0.150a               -0.027a    -0.038a    -0.008a                      
                        (0.002)    (0.015)    (0.003)               (0.001)    (0.014)    (0.001)                       

aged3                     0.297a     0.447a     0.193a               -0.039a    -0.047a    -0.011a    -0.007a    -0.002 
                        (0.003)    (0.018)    (0.004)               (0.002)    (0.014)    (0.002)    (0.001)    (0.002) 

aged4                     0.378a     0.511a     0.212a               -0.050a    -0.042a    -0.014a    -0.015a    -0.003 
                        (0.004)    (0.019)    (0.005)               (0.002)    (0.014)    (0.002)    (0.002)    (0.002) 

aged5                     0.433a     0.563a     0.219a               -0.053a    -0.047a    -0.014a    -0.018a    -0.002 
                        (0.005)    (0.021)    (0.007)               (0.003)    (0.015)    (0.003)    (0.002)    (0.003) 

aged6                     0.477a     0.594a     0.219a               -0.058a    -0.054a    -0.014a    -0.021a    -0.003 
                        (0.006)    (0.023)    (0.009)               (0.003)    (0.015)    (0.004)    (0.003)    (0.003) 

aged7                     0.526a     0.595a     0.221a               -0.065a    -0.050a    -0.018a    -0.028a    -0.006 
                        (0.008)    (0.022)    (0.011)               (0.004)    (0.015)    (0.005)    (0.004)    (0.004) 

aged8                     0.556a     0.571a     0.219a               -0.064a    -0.049a    -0.017b    -0.027a    -0.006 
                        (0.010)    (0.022)    (0.013)               (0.006)    (0.015)    (0.007)    (0.006)    (0.007) 

aged9                     0.593a     0.563a     0.221a               -0.077a    -0.043a    -0.024     -0.040a    -0.012 
                        (0.014)    (0.022)    (0.018)               (0.013)    (0.015)    (0.016)    (0.013)    (0.015) 

aged10                    0.614a     0.496a     0.210a               -0.070a    -0.047a    -0.016c    -0.031a    -0.004 
                        (0.016)    (0.021)    (0.019)               (0.006)    (0.015)    (0.009)    (0.007)    (0.008) 

size_l1                                                                                               -0.016a     0.006a
                                                                                                     (0.001)    (0.001) 
------------------------------------------------------------------------------------------------------------------------
N            4382989    4382989     121775    4382989    4382989    4382989     121775    4382989    1883888    1883888 
R-sq           0.017      0.019      0.018      0.693      0.001      0.001      0.001      0.673      0.005      0.655 
------------------------------------------------------------------------------------------------------------------------
Standard errors in parentheses
c p<0.1, b p<0.05, a p<0.01

{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{tabular}{l*{10}{c}}
\hline\hline
                    &\multicolumn{1}{c}{(1)}&\multicolumn{1}{c}{(2)}&\multicolumn{1}{c}{(3)}&\multicolumn{1}{c}{(4)}&\multicolumn{1}{c}{(5)}&\multicolumn{1}{c}{(6)}&\multicolumn{1}{c}{(7)}&\multicolumn{1}{c}{(8)}&\multicolumn{1}{c}{(9)}&\multicolumn{
> 1}{c}{(10)}\\
                    &\multicolumn{1}{c}{est1}&\multicolumn{1}{c}{est2}&\multicolumn{1}{c}{est3}&\multicolumn{1}{c}{est4}&\multicolumn{1}{c}{est5}&\multicolumn{1}{c}{est6}&\multicolumn{1}{c}{est7}&\multicolumn{1}{c}{est8}&\multicolumn{1}{c}{est9}&\mul
> ticolumn{1}{c}{est10}\\
\hline
Age$ \_{ijkt}$       &       0.095{$^a$}&                  &                  &                  &      -0.012{$^a$}&                  &                  &                  &                  &                  \\
                    &     (0.001)      &                  &                  &                  &     (0.001)      &                  &                  &                  &                  &                  \\
[1em]
Age$ \_{ijkt}=2$     &                  &       0.192{$^a$}&       0.317{$^a$}&       0.150{$^a$}&                  &      -0.027{$^a$}&      -0.038{$^a$}&      -0.008{$^a$}&                  &                  \\
                    &                  &     (0.002)      &     (0.015)      &     (0.003)      &                  &     (0.001)      &     (0.014)      &     (0.001)      &                  &                  \\
[1em]
Age$ \_{ijkt}=3$     &                  &       0.297{$^a$}&       0.447{$^a$}&       0.193{$^a$}&                  &      -0.039{$^a$}&      -0.047{$^a$}&      -0.011{$^a$}&      -0.007{$^a$}&      -0.002      \\
                    &                  &     (0.003)      &     (0.018)      &     (0.004)      &                  &     (0.002)      &     (0.014)      &     (0.002)      &     (0.001)      &     (0.002)      \\
[1em]
Age$ \_{ijkt}=4$     &                  &       0.378{$^a$}&       0.511{$^a$}&       0.212{$^a$}&                  &      -0.050{$^a$}&      -0.042{$^a$}&      -0.014{$^a$}&      -0.015{$^a$}&      -0.003      \\
                    &                  &     (0.004)      &     (0.019)      &     (0.005)      &                  &     (0.002)      &     (0.014)      &     (0.002)      &     (0.002)      &     (0.002)      \\
[1em]
Age$ \_{ijkt}=5$     &                  &       0.433{$^a$}&       0.563{$^a$}&       0.219{$^a$}&                  &      -0.053{$^a$}&      -0.047{$^a$}&      -0.014{$^a$}&      -0.018{$^a$}&      -0.002      \\
                    &                  &     (0.005)      &     (0.021)      &     (0.007)      &                  &     (0.003)      &     (0.015)      &     (0.003)      &     (0.002)      &     (0.003)      \\
[1em]
Age$ \_{ijkt}=6$     &                  &       0.477{$^a$}&       0.594{$^a$}&       0.219{$^a$}&                  &      -0.058{$^a$}&      -0.054{$^a$}&      -0.014{$^a$}&      -0.021{$^a$}&      -0.003      \\
                    &                  &     (0.006)      &     (0.023)      &     (0.009)      &                  &     (0.003)      &     (0.015)      &     (0.004)      &     (0.003)      &     (0.003)      \\
[1em]
Age$ \_{ijkt}=7$     &                  &       0.526{$^a$}&       0.595{$^a$}&       0.221{$^a$}&                  &      -0.065{$^a$}&      -0.050{$^a$}&      -0.018{$^a$}&      -0.028{$^a$}&      -0.006      \\
                    &                  &     (0.008)      &     (0.022)      &     (0.011)      &                  &     (0.004)      &     (0.015)      &     (0.005)      &     (0.004)      &     (0.004)      \\
[1em]
Age$ \_{ijkt}=8$     &                  &       0.556{$^a$}&       0.571{$^a$}&       0.219{$^a$}&                  &      -0.064{$^a$}&      -0.049{$^a$}&      -0.017{$^b$}&      -0.027{$^a$}&      -0.006      \\
                    &                  &     (0.010)      &     (0.022)      &     (0.013)      &                  &     (0.006)      &     (0.015)      &     (0.007)      &     (0.006)      &     (0.007)      \\
[1em]
Age$ \_{ijkt}=9$     &                  &       0.593{$^a$}&       0.563{$^a$}&       0.221{$^a$}&                  &      -0.077{$^a$}&      -0.043{$^a$}&      -0.024      &      -0.040{$^a$}&      -0.012      \\
                    &                  &     (0.014)      &     (0.022)      &     (0.018)      &                  &     (0.013)      &     (0.015)      &     (0.016)      &     (0.013)      &     (0.015)      \\
[1em]
Age$ \_{ijkt}=10$    &                  &       0.614{$^a$}&       0.496{$^a$}&       0.210{$^a$}&                  &      -0.070{$^a$}&      -0.047{$^a$}&      -0.016{$^c$}&      -0.031{$^a$}&      -0.004      \\
                    &                  &     (0.016)      &     (0.021)      &     (0.019)      &                  &     (0.006)      &     (0.015)      &     (0.009)      &     (0.007)      &     (0.008)      \\
[1em]
size\_l1             &                  &                  &                  &                  &                  &                  &                  &                  &      -0.016{$^a$}&       0.006{$^a$}\\
                    &                  &                  &                  &                  &                  &                  &                  &                  &     (0.001)      &     (0.001)      \\
\hline
Observations        &     4382989      &     4382989      &      121775      &     4382989      &     4382989      &     4382989      &      121775      &     4382989      &     1883888      &     1883888      \\
\(R^{2}\)           &       0.017      &       0.019      &       0.018      &       0.693      &       0.001      &       0.001      &       0.001      &       0.673      &       0.005      &       0.655      \\
\hline\hline
\multicolumn{11}{l}{\footnotesize Standard errors in parentheses}\\
\multicolumn{11}{l}{\footnotesize {$^c$} p<0.1, {$^b$} p<0.05, {$^a$} p<0.01}\\
\end{tabular}
}

. 
. log close
      name:  <unnamed>
       log:  D:\Vicard\VV\re\inprogress\BRV\results\results_levels.log
  log type:  text
 closed on:  29 Sep 2017, 21:47:01
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